To Installment via credit card When shopping you need to understand what a credit card is, how to open a credit card and how to buy installments via credit card. This is a form of installment payment that many customers are interested in today with outstanding advantages. For details, please see the article of Banktop sum it up.
What is a credit card?
Credit card is a type of card that customers can use, spend first, pay later according to a certain limit. The amount of customer limit used will depend on the financial ability and credit history when the bank checks.
With the form of installment payment via credit card, it means that when the loan payment is due at financial units and banks, customers will use the available money in the credit card to pay. These transactions will be shown as credit card purchases on your card's monthly statement.
Currently, there are also many banks that are applying installment loans with 0% interest rate, with the condition that customers must register and use a credit card to pay the loan.
Advantages of using a credit card for installment purchases
- Enjoy 0% interest rate when customers apply for installment loans via credit card.
- The loan application process is simple and fast.
- Loan repayment period extends up to 24 months.
- Receive many promotions when you sign up and use your credit card.
Instructions for opening a credit card for installment purchase
Before making installment purchases via credit card, you need to register and have a credit card available at the bank. So what are the conditions for making a credit card and what is the procedure and process for opening a credit card? Here are detailed instructions for you.
Conditions for opening a credit card
To open a credit card, you must meet the following requirements:
- Being 18 years old or older, being a Vietnamese citizen.
- Have full personal papers such as ID card/CCCD or Passport.
- Have a stable monthly income, minimum salary of 5 million VND/month.
- There are types of collateral assets such as deposit contracts, savings books, real estate papers, etc.
Procedure to open a credit card
After meeting the conditions to apply for a credit card, you need to prepare the following documents for opening a card at a bank, including:
- Personal papers include ID card/CCCD or Passport.
- Household registration book, certificate of temporary residence in the locality.
- Papers such as: Payroll, labor contract, unit/position at the company, enterprise.
- Documents about the collateral that you have.
Credit card opening process
The process of specific steps when opening a credit card at a bank you can refer to:
- Step 1: Go directly to the branch, transaction office of the bank where you want to apply for a credit card.
- Step 2: Here, the bank staff will give you a paper form to register the card. You proceed to fill in personal information according to the form and follow the instructions of the staff.
- Step 3: Based on your profile, the staff will advise and help you choose a credit card package suitable for your financial ability.
- Step 4: You confirm the information before submitting the application for opening a credit card to the bank.
- Step 5: If the credit card application is valid, you will be given an appointment letter by the bank staff and a specific time for you to pick up the card.
If you do not have time to visit the bank in person, you can also apply for a credit card online through the main website of the bank. Once the registration is complete, the bank will email you a specific time so that you can come directly at the bank to receive the card.
How to buy in installments via a secure low-interest credit card
Requirements when buying installments by credit card
- To buy in installments via credit card, you need to make sure you have a credit card registered at the bank and activated it.
- The monthly installment payment amount must be less than your card usage limit.
- Make sure the product you want to buy on installments still enjoys the installment support policy at the unit.
- Your credit card must not violate the policy as well as the terms when signing and issuing the card.
Formula to calculate installment payment
The formula for calculating installment payment via credit card is shown below:
Monthly payment amount = (Registered installment amount + (Installment interest x Installment term x Installment amount))/ installment term
Instructions for purchasing by credit card
To purchase goods on installments via credit card at stores, follow these steps:
- Step 1: Go to the store you want to buy the product, note that you must check whether the store supports installment sales via credit card.
- Step 2: Follow the staff's instructions to complete the required information to apply for monthly credit card installments.
- Step 3: After completing the registration. Every month when you pay a loan, the bank will back up your transaction information fully when using a credit card for you to easily track and check.
Should I buy installments with a credit card?
Buying in installments via credit card is suitable for a group of customers with limited financial capacity. Moreover, with the advantages that installment loans through credit cards bring, you can completely choose this form if you have a need to buy technology products to serve your work, but your financial capacity is still limited. limit.
Notes when buying installments by credit card
Buying goods in installments through credit cards brings many advantages to customers, but when choosing this form of installment purchase, you should note a few issues as follows:
- Find out about the product you want to buy in installments such as interest rate, how long to balance with your existing financial resources.
- Note that the monthly installment payment amount at the borrower must be smaller than the credit card limit.
- Monitor and pay the loan on time to avoid late payment will incur additional penalty fees as stipulated in the contract.
above article, Banktop has compiled for you detailed information about loans Installment via credit card What are the advantages and specific process to apply for a loan. Hopefully, this will be the useful content you are looking for on how to apply for a quick installment loan with preferential interest rate via credit card payment.
The article was edited by: Banktop.vn